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same may be amended and supplemented (the "Resolution"), and other applicable <br />provisions of law. <br />Under the Resolution, Florida <br />(the "Paying Agent"), has been appointed as paying agent and registrar for the <br />Series 1993 Bonds. <br />The County, pursuant to power and authority vested in it by law, has <br />heretofore acquired and/or constructed water and sewer systems located in the <br />County which, together with any and all improvements, extensions and additions <br />thereto hereafter constructed or acquired and any physically independent water <br />or sewer system hereafter made a part of the System by resolution of the Board, <br />together with any and all improvements, extensions and additions thereto <br />thereafter constructed or acquired, are herein referred to as the "System". <br />The County has determined to retire the Retired Bonds, as defined in the <br />Resolution. The County, pursuant to power and authority vested in it by law, has <br />also determined to acquire, construct, furnish and equip the Series 1993 <br />Projects, as defined in the Resolution. <br />The Resolution provides that the proceeds of the Series 1993 Bonds, <br />together with other available funds of the County, are to be used for the <br />following purposes, inter alia: (i) to retire the Retired Bonds, (ii) to <br />acquire, construct, furnish and equip the Series 1993 Projects, (iii) to make a <br />deposit to the Reserve Account established under the Resolution, and (iv) to pay <br />costs and expenses of issuance of the Series of 1993 Bonds and retirement of the <br />Retired Bonds, all as more fully provided in the Resolution. <br />- 2 - <br />